America’s Credit Unions’ Madison Rose, Mountain America Credit Union President/CEO Sterling Nielsen, and financial services organizations met with staff from the Federal Reserve Thursday to discuss the Fed’s debit card interchange proposal. America’s Credit Unions strongly opposes the proposal, and has pushed back on it with a multipronged approach that includes meetings with the Fed.
The proposal would make changes to update all three components of Regulation II’s interchange fee cap based on the latest data reported to the board by large debit card issuers.
In addition to meeting with the Fed Thursday (and in February), America’s Credit Unions:
- Supports legislation to stop implementation of the rule until its impact can be studied. A bipartisan group of legislators have also written to the Fed with similar concerns;
- Wrote to the House and Senate Committees before Federal Reserve testimony outlining the many negative impacts of the proposal; and
- Released an updated “Myth vs. Fact” flyer to policymakers educating on common debit interchange misconceptions.
Comments on the Fed’s proposal are due May 12, and America’s Credit Unions continues to collect data and other information in preparing its details comments in opposition.
